Armenian Parliament Advances Bill to Nationalize Electric Networks of Armenia

Amenia’s National Assembly has passed a legislative package that enables the nationalization of the Electric Networks of Armenia, Orda.kz reports, citing News.Am.

Tashir Group owns the company. The law passed with 65 votes in favor and 27 against.

According to NewsArmenia, the amendments to the laws “On Energy” and “On the Public Services Regulatory Authority” give the Public Services Regulatory Commission of Armenia (PSRC) the right to initiate administrative proceedings against operators in the energy sector.

Specifically, the changes:

• Oblige the authorized government body to issue a notification in cases where the activities of license holders pose particular risks
• Outline the consequences of such notifications
• Define the conditions under which preventive measures may be applied once proceedings are initiated
• Establish the procedure and specifics of applying those preventive measures

Reportedly, if violations are confirmed and not rectified, the law grants the government the preferential option to purchase the company within three months. If the owner fails to sell in two months, shares may then be subject to auction administratively.